Australia-based iron ore producer Gindalbie Metals has completed the acquisition of the Warriedar Iron Ore Joint Venture (WIOJV) in Western Australia from Australian mining company Royal Resources Limited.
Gindalbie has paid a total cash consideration of A$7 million to acquire Royal's 40 percent interest in WIOJV.
According to the Gindalbie statement, the company will use any spare capacity in port and rail infrastructure to ship direct shipping ore to the market. Gindalbie also stated that a significant exploration program is already in progress at Warriedar, with results expected to be announced during the December quarter of 2011.